(Yicai Global) Nov. 24 -- China's new energy vehicle (NEV) sales are expected to surpass 700,000 this year, with 490,000 already sold as of the end of October, says Wang Binggang, an official at the Ministry of Science and Technology (MOST) in an interview with Yicai Global.
The country has produced some 517,000 new energy vehicles in the first ten months of this year, in line with last year's figures, he said.
Foreign automakers have invested more in China's NEV sector following the government issuance of an integrated management system for the sector in September, Wang said. Industry chain demand in the NEV sector is further boosted by the future plans to end the production of gasoline-fueled cars.
The government will formally implement the new management system in April next year, and relevant departments will integrate gasoline-fueled vehicles and NEVs produced in the country in terms of fuel consumption and mileage, with assessments to start in 2019.
German auto giant Volkswagen AG's [XETRA:VOW] recently confirmed plans to invest an EUR10 billion in the development of electric vehicles in China and the introduction of nearly 40 new NEV models by 2025.
The country will also expand its special license plate program nationwide for NEVs in the first half of next year, boosting preferential policies for the sector.